In the 60’s the Nigerian economy depended entirely on agriculture as the main source of foreign exchange earnings, and of employment for the teeming population. Also in that early 60’s Nigeria economy was mainly depended on agriculture hence the period of groundnut pyramids, the hides and in North, palm oil and palm kernel in East, and cocoa in the west for the major economic drive of the nation.

The advent of oil boom in the 70’s brought about the almost a monopolistic economy in our national economic drive hence we do not hear about groundnut pyramids, hides and skins, palm oil or cocoa export in our nation again. The federal government state government and local government become dependent on the oil revenue; hence the oil boom brought a very large (enormous) wealth for the nation. They went ahead and embarked on hope sided or one sided development programmes instead of encouraging home based industries for the manufacturing and exporting of basic items. They also went ahead on projects that were contrasting instead on projects that were economic viability. Some of these projects that were economically viable were neglected; some were undertaken with external while some were undertaken with external loans contracted at prohibilitative interest rtes. In serving of such loans have not only bogged down the projects but depts. All these contributed to the economic debts. All these contributed to the economic set back of our country Nigeria